More Breaking News

Fed Pledges to Keep Rate Low for ‘Extended Period’ (Update4) Federal Reserve officials repeated their pledge to keep the main interest rate near zero for an “extended period” and confirmed that emergency measures to prop up the housing market will end as planned this month.

Bank of Korea Successor May Tighten Government Links (Update1) Kim Choong-soo, picked by South Korea’s government yesterday to take the central bank’s helm next month, may bolster coordination with political leaders resisting any move to raise interest rates.

Simon Said to Plan Revised Offer for General Growth (Update2) Simon Property Group Inc., the largest U.S. mall owner, is preparing a revised bid for its biggest rival, General Growth Properties Inc., to be presented within a week, according to a person with knowledge of the plan.

Pentagon Nominates Navy Aviation Command Head to Oversee F-35s The Pentagon has nominated the current head of the Navy’s aviation acquisition and test command to be the next director overseeing development of Lockheed Martin Corp.’s F-35, its most expensive weapons program.

Bernanke to Tell Congress Bank Oversight Aids Policy (Update1) Federal Reserve Chairman Ben S. Bernanke said bank supervision “significantly improves” the central bank’s monetary policy and financial stability roles.

Convertible Bond Returns Rise as Sales Double: Credit Markets Returns on convertible bonds, notes that can be turned into stock, are accelerating, prompting issuance to double this year as credit and equity markets rally.

Senate Pressure May Force Obama to Take Tougher Stance on Yuan The latest push by U.S. lawmakers to target China’s currency policy may force President Barack Obama to take a stronger stance against how the yuan is valued, senators and analysts said.

Blockbuster Seeks to Cut DVD Costs, May File Chap. 11 (Update2) Blockbuster Inc., the money-losing video-rental chain with $855.9 million in debt, is in talks with Hollywood studios to reduce its DVD costs and said it may file for bankruptcy.

Discover Plans to Repay $1.2 Billion in Bailout Funds (Update2) Discover Financial Services will pay back $1.2 billion to the Troubled Asset Relief Program, making the lender the last of the six biggest U.S. credit-card issuers to return bailout money.

GMAC Said to Hire Citigroup, Goldman Sachs for TARP Repayment GMAC Inc., the lender controlled by the U.S., has hired Citigroup Inc., which also counts the government as its biggest owner, to explore options for repaying bailout funds, according to a person briefed on the matter.

Terror Plot Suspect to Plead Guilty, His Lawyer Says (Update1) David Coleman Headley, a Chicago man accused of helping plot the November 2008 Mumbai terror attacks and a never-executed assault on a Danish newspaper, will enter a guilty plea before a U.S. judge, his lawyer said.

AIG’s Plane Unit Plans First Bond Sale Since May 2008 (Update1) American International Group Inc.’s plane-leasing unit said it’s planning its first offering of unsecured bonds in almost two years to pay down existing debt.

CIT Reports Post-Bankruptcy Net Worth Rose to $41.99 a Share CIT Group Inc., the commercial finance company run by John Thain, issued the first formal update of its net worth since last year’s bankruptcy and showed book value increased 5 percent to $41.99 a share.

Obama to Appear on Fox News in Final Health-Care Push (Update1) President Barack Obama will be interviewed tomorrow on the Fox News Channel, his second appearance on the cable network since administration officials last year singled out Fox for being critical of his policies.

Feldstein Sees Greece Euro-Exit Pressures as Deficit Plan Fails Harvard University Professor Martin Feldstein, who warned almost two decades ago that the euro would prove an “economic liability,” said Greece’s austerity plan will fail and the country may quit the single currency to fix its fiscal crisis.

Jones Lang Lures CB Richard Ellis Team for Investment Banking Jones Lang LaSalle Inc., the commercial property broker that earned $203 million in 2009 selling real estate and arranging financing for transactions, hired three mortgage brokers from rival CB Richard Ellis Group Inc. as it prepares for U.S. property sales to rebound.

Bin Laden Unlikely to Be Captured Alive, Holder Tells Lawmakers Al-Qaeda leader Osama bin Laden is unlikely to face trial because he probably would be killed before being captured, said Attorney General Eric Holder.

Volcker to Tell Congress Fed Should Retain Supervision Powers Former Federal Reserve Chairman Paul Volcker, now an adviser to the White House, said monetary policy and bank supervision are “inextricably intertwined” and that the Fed should retain its power to supervise banks.

Philippines May Further Pare Bank Lending Program, Amador Says The Philippines may further pare a lending program for banks or consider raising the interest rate for the facility as it unwinds more stimulus measures, central bank Assistant Governor Cyd Amador said late yesterday.

House Democrats Put on Defensive Over Health-Care Bill Strategy Republicans attacked a plan being considered by U.S. House Democratic leaders to push health-care legislation through the chamber without a recorded vote, saying they’re trying to avoid taking responsibility for the bill.

Massey Energy to Buy Cumberland Resources for $960 Million Massey Energy Co. said it signed a definitive agreement to purchase Cumberland Resources Corp. and its affiliated companies for $960 million in a combined cash and stock transaction.

Simon Said to Plan Revised Offer for General Growth (Update1) Simon Property Group Inc., the largest U.S. mall owner, is preparing a revised bid for its biggest rival, bankrupt General Growth Properties Inc., to be presented within a week, according to a person with knowledge of Simon’s plans.

Honda Recalls 412,000 Odysseys, Elements on ‘Soft’ Brake Feel Honda Motor Co. recalled 412,000 U.S. vehicles including the Odyssey, the country’s best-selling minivan last year, to fix a brake-system flaw that spurred driver complaints of “soft” pedal feel.

Hartford to Repay Treasury Rescue Within 10 Months (Update1) Hartford Financial Services Group Inc., the bailed-out insurer that hired a new chief executive officer last year, plans to sell shares and debt to raise funds to repay its $3.4 billion U.S. rescue within 10 months.

Tiger’s Return to Masters May Give CBS Record Viewers (Update2) Tiger Woods’s return to golf for the Masters Tournament in April may attract record viewership to the CBS telecast, according to a media analyst.

U.S. Stocks Rise as Fed Pledges to Keep Rates at Record Low U.S. stocks rose, with the Standard & Poor’s 500 Index reaching a 17-month high, as the Federal Reserve said it will leave its main interest rate near zero for an extended period to safeguard the economic recovery.

Leggett & Platt Sees Improved Demand for Car Parts (Update1) Leggett & Platt Inc., the 127-year- old manufacturer, has seen improved demand for its car-seat parts and home-furniture components so far this year, Chief Executive Officer David Haffner said.

American Air Attendants Ask U.S. Board for Clearance to Strike American Airlines’ flight attendants requested federal approval to end contract talks, a step toward the first strike at a major U.S. carrier in almost five years.

Insurers’ Disaster Costs to Surge, Swiss Re Says (Update1) Natural disasters may cost insurers as much as $110 billion worldwide in 2010, five times more than last year when the U.S. escaped hurricane damage, Swiss Reinsurance Co. said.

Google Partners Say Its China Stance Is Putting Them at Risk Google Inc.’s partners in China said they have received no information from the company since it announced it may exit the country, putting their businesses at risk.

Stocks, Commodities, Treasuries Gain, Dollar Weakens on Fed Stocks and commodities rose as the Federal Reserve said it will keep interest rates at a record low for an extended period and Standard & Poor’s affirmed Greece’s credit rating. The dollar weakened and 10-year Treasury yields fell to an almost two-week low.

Chirico’s 4 a.m. Ice Cream Seals Tommy Hilfiger Deal (Update2) It took Phillips-Van Heusen Corp. Chief Executive Officer Emanuel Chirico more than 2 years and 15 pints of ice cream to seal the $3 billion takeover of Tommy Hilfiger BV.

Schwarzenegger Will Veto $1.1 Billion Gasoline-Tax Swap Measure California Governor Arnold Schwarzenegger will veto a measure to swap the state’s gasoline tax with an excise tax that would have redirected $1.1 billion toward shrinking a resurgent budget deficit.

Lilly Has $75 Million in Drugs Stolen From Warehouse (Update2) Eli Lilly & Co. said drugs valued at $75 million were stolen early March 14 after thieves cut a hole in the roof of a Connecticut warehouse, rappelled in and disabled the security system.

Fed Pledges to Keep Rate Low for ‘Extended Period’ (Update3) Federal Reserve officials repeated their pledge to keep the main interest rate near zero for an “extended period” and confirmed that emergency measures to prop up the housing market will end as planned this month.

Moody’s Muni Bond Ratings Will Move to Global Scale (Update2) Municipal debt rankings by Moody’s Investors Service will shift to a global rating system next month that will put the 70,000 state and local bonds it assesses on a scale that’s comparable with corporate securities.

Delta to Cut 840 Regional Jobs at Cincinnati Airport (Update2) Delta Air Lines Inc.’s regional unit will eliminate 840 jobs in Cincinnati as it consolidates ground operations into a single airport concourse to reduce costs.

U.S. Economy: Home Starts Depressed by Winter Weather (Update2) Housing starts fell in February as record snowfall in parts of the U.S. hampered construction, while fewer building permits signaled the recovery in real estate will take longer to unfold.

Mexico Hires Citigroup, HSBC to Manage Peso Bond Sale (Update1) Mexico hired Bank of America Corp., HSBC Holdings Plc, ING Groep NV and Citigroup Inc.’s Banamex unit to manage a sale of 30-year inflation-linked peso bonds in the local market.

Levin Says House to Begin Extension of Bush Tax Cuts in April The House Ways and Means Committee will start next month the process of extending former President George W. Bush’s tax cuts that benefit American families earning under $250,000 annually, Representative Sander Levin said.